Fiat Chrysler said it plans to invest 700 million ...

Fiat Chrysler said it plans to invest 700 million (approximately $ 2.9 billion) in this new generation of the Fiat 500 with electric propulsion. This is FCA's biggest bet on an electric vehicle to date.

FCA's head of operations for the EMEA (Europe, Middle East and Africa) region, Pietro Gorlier, announced the investment in the Mirafiori plant in Torino, Italy, which turns 80 this year. "The plan is confirmed," Gorlier said when asked whether FCA remained committed to investing in electric vehicle technology after the plan to merge with Renault, a specialist in that type of propulsion, collapsed.

Gorlier said the investment will go to the construction of a new production line at Mirafiori, capable of manufacturing 80,000 units of the new 500 EV annually, with the potential to expand capacity thereafter. The next 500 electric will be Fiat's first EV to be marketed in Europe, as the 500e had little success and was unique to the US market.